Hey ho, Gen Y. 
Are you watching your parents grapple with late-in-life work issues such as staying on top of their game in a youth-obsessed world, pensions, retirement and 2nd career issues? Your parents aren’t the only ones who will face these issues. You’ll have your chance too.
The difference is you might be facing them from your walker.
If you are a Gen Y’er, you’ll not only be an older worker when you can finally stop working– you’ll be a really older worker.
The idea of working until your 90th birthday (see Colorado, below) could inspire you to not only warm up to the idea of a couple of career breaks, but start planning one now.
Below are the states requiring or urging public workers to delay retiring.
Arizona: Increased the retirement rule – worker’s age plus years of service before retirement – to 85 from 80.
Colorado: Increased the retirement rule-worker’s age plus years of service before retirement-to 88 as of 2011, and to 90 as of 2017.
Illinois: Increased retirement age to 67 from 60.
Michigan: minimum retirement age of 60, before workers needed 30 years of service at any age.
Minnesota: Increased penalty for early retirement for state patrol and correctional workers.
Missouri: Increased retirement age to 67 with 10 years of service up from age 62 with 5 years of service.
Utah: Increased total service years before retirement for fire and public safety employees to 25 from 20; for most other state workers to 35 from 30.
Virginia: Increased the rule for retirement-worker’s age plus years of service- to 90 up from a minimum age of 50 with at least 30 years of service; or normal Social Security retirement age with at least five years of Service of service.
Similar changes are pending in California and Mississippi. In Europe, proposed changes to the retirement age are part of a broad effort to rein in cases of social security and would affect workers broadly, not just public workers.
In 2007, Germany raised the retirement age to 67 from 65, to be phased in by 2029. France’s parliament is due to vote on a similar measure this fall, while Spain, Portugal and Ireland are considering such changes. Morocco is contemplating an increased in the retirement age for public and private sector workers to 62 from 60.
So, Gen Y’ers … do you still think that you’re going to have a retirement party at 60 so you can start living? Are there bed bugs in your brain?
One Response so far (add yours)
Well, reading this has crossed certain states OFF my list of places to retire! 80??? are you kidding me? I actually LOVE seeing the youth of France revolting, even though the increase in retirement age is only 2 years (to 62).
This is actually a helpful step in deciding to become an expat! thanks!